Down Payment Assistance Program

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Down payment assistance available to eligible first-time homebuyers!

BayCoast Mortgage, a wholly owned subsidiary of BayCoast Bank, is offering Down Payment Assistance program in Massachusetts and Rhode Island to eligible first-time home buyers who are purchasing a home within BayCoast Bank’s Community Reinvestment Act (CRA) Assessment Area or other surrounding municipalities.

• To qualify, borrowers must meet income and purchase limits.
• Applicants will be notified of eligibility and grant amount at the time of loan approval
• Funds will be available to qualified buyers at the time of the closing

How does this program work?*

The Down Payment Assistance Program offers a total of $500,000 to qualifying borrowers. Program funds of $100,000 will be provided as grants and $400,000 will be accessible to eligible buyers as an interest-free loan, with repayment starting in the sixth year. The program will conclude once the allocated funds are depleted.

Our BayCoast Mortgage experts can help guide you as you choose the program that suits your needs. 

Contact us to learn more!

By Telephone:
Swansea Location
508-646-0800
877-466-2678 – Toll Free
508-742-4777 – Fax

_{*Tier I = Deferred. No monthly payments or interest accrual. Second mortgage to be forgiven after 5 years if the first mortgage loan is paid on time and property remains owner occupied. If sold within the 5 years, payback of funds is required on a pro rata basis of 20% for each year remaining of the 5 years. Tier II = Monthly payments are deferred for the first 5 years. Loan repayment commences at year 6, interest-free for the remaining 10 years. If home is sold within the first 5 years, the Second Mortgage will need to be paid off in its entirety. New Jersey—BayCoast Mortgage Company, LLC, 330 Swansea Mall Drive, Swansea, MA 02777, 877-466-2678, Licensed Mortgage Banker- NJ Banking and Insurance Department. New Hampshire—Licensed by the New Hampshire Banking Department #19631-MB. Rhode Island—Rhode Island Licensed Lender. Virginia—BayCoast Mortgage Company, LLC, NMLS #1082048 (http://www.nmlsconsumeraccess.org/). Exempt from licensing in MA, CT, PA, MD, NC, SC, and FL. All loans are subject to credit approval.}